Crude prices down after Iran waivers, EIA report on higher U.S. output

Crude oil prices were lower Thursday morning as bearishness was fueled this week by U.S. waivers to allow some countries to continue to buy Iranian oil, as well as an EIA report projecting higher-than-expected U.S. output increases, an analyst said. As of 10:04 am EST, WTI front-month was down 0.8 percent to $61.18 per barrel while Brent front-month was down 0.6 percent to $71.63 per barrel at the same time. “Oil prices are still trying to find a floor here, as the combination of Iranian waivers and ongoing bearish-tilted weekly EIA reports continue to weigh heavy on pricing,” Matt Smith , director of commodity research at ClipperData, told UPI. However, there is an expectation that if Brent continues to decline, […]